What is the JSE business model?
The JSE operates a regulated, central order-book for primary and secondary markets. The JSE charges for listing companies and for the ongoing monitoring of their compliance with the continuing obligations as set out under the listings requirements (12% of revenue in 2006). In the secondary, the JSE charges per trade in equities (22% of revenue in 2006) and per contract in the derivatives markets trading and clearing (20% of revenue in 2006). Revenue is also derived from services rendered in equities risk management, clearing and settlement (14% of revenue in 2006) and for the sale of data (11% of revenue in 2006). The data revenue includes revenue from the fees attributable to tracking the indices developed by the JSE. Technology services (15% of revenue in 2006) and other operating income (6% of revenue in 2006) also contribute to the diversification of revenue for the JSE.
